Premium Change for car in same insurance group

spacehead

My car was unfortunately stolen before Christmas and having just been paid out, I have identified a replacement vehicle. It is exactly the same insurance group as my previous car, but is 6 months newer (same year of manufacture though) and is worth about £4k more.

Just spoken to insurance co who want me to pay a 20% increase on my original premium. My NCB was protected so this does not affect the quote. When I queried this I got some flannel about it depending on the claims history of the make of car, costs of repair etc. I thought that's what determined its insurance group.

Any thoughts?

Quentin

A newer and more valuable car is bound to cost more to insure irrespective of being in the same group.

If you are starting a new policy, then shop around.

dunstonh

My NCB was protected so this does not affect the quote.

It will do though when renewal comes. Protected NCB protected the discount but your gross premium will be higher because you have had a claim.

insurance grouping is just part of the costing of the premium. A car value can range from £30,000 to £70,000 depending on the options taken and still be in the same group.

dogbot

Prices for car insurance are and have been rising rapidly. Insurers will have changes lots of ratings, including vehicles and postcodes during this time so they will be rating the change on these revised rates.

Note that while the there are published vehicle groups of 1-50 for cars, insurers do re-group some vehicle based on their own experience at times too. There is also no set scale of rating for vehicle groups - these differ by insurer and will change time to time.

In addition, your insurer may be charging a mid term adjustment fee here. Ask them if they will waive this if they are charging it given the circumstances (be polite, get them on side, "i mean, how would you feel - you car is stolen and you just want to replace it with sometime similar... not my fault i am changing the vehicle... want to stay with yourselves... etc".

As indicated above, although your NCD was protected, the initial premium net of NCD discount will be higher because of the claim.

spacehead

Thanks for the helpful replies.

I hadn't considered that protected no claims just meant the discount was static but the premium would go up after a claim! Logical I guess.

I may shop around to see if it's more beneficial to break the policy and go to another insurer or to stick where I am. To be fair to them, their handling of the claim was ok.